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if the selling price are much lower , how it implies that inventory could be over valued.
if cost of sales are decreased , how it implies that closing inventory would be under valued.- Topics: 5
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I know half of ur answer.
as u r auditor u have to test weather the inventory is valued according to required standards. Its ur duty so u have test it by urself, by market valution or by external independent objective valuer.
There value can also be checked after the statement of financial position date till auditor’s approval by checking if the inventory is sold.
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